A poll by the South Korean TV channel YTN showed massive support for the country’s planned tax system for cryptocurrency.
According to a report by The Korea Herald, 53.7% of 500 respondents surveyed by South Korean research firm Realmeter supported the cryptocurrency tax bill, which took effect in January 2022.
However, respondents in their twenties – the most active era of cryptocurrency trading in South Korea – were most likely opposed to the cryptocurrency tax law. Figures compiled by South Korean lawmaker Kwon Un-hye show that approximately 2.35 million crypto dealers between the ages of 20 and 29 have traded on the Big Four crypto exchanges: Bithumb, Upbit, Korbit and Coinone.
The details of the survey showed that 47.8% of respondents aged 20-29 were against the cryptocurrency taxation scheme. The women surveyed were more likely to support the new tax law.
As Cointelegraph previously reported, the country’s government is committed to tax compliance, with Finance Minister Hon Nam Ki recently calling the coded taxation system “inevitable.”
However, many participants in the cryptocurrency market in South Korea are opposed to charging fees for cryptocurrencies. The law will impose a capital gains tax of 20% on trade profits in excess of 2.5 million won (approximately $ 2,234).
Back in April, Prime Minister-designate Kim Boo Kyum pledged to look into the cryptocurrency tax law amid growing controversy among the South Korean cryptocurrency industry.
The controversial plan for taxing cryptocurrency has actually been the subject of petitions to the Blue House, with critics accusing the government of double standards.
Cryptocurrency trading taxes are just one of many cryptocurrencies imposed by the South Korean government. In March, the Financial Services Commission revised its financial reporting rules to include the cryptocurrency business. The commission also instructed its employees to report on cryptocurrency holdings.